Chinese President Xi Jinping addressed in Bali, Indonesia, on Tuesday the Group of 20 (G20) Bali summit, saying that faced with challenges, all countries should embrace the vision of a community with a shared future for mankind, and advocate peace, development, and win-win cooperation.

Chinese President Xi Jinping delivers a speech titled "Working Together to Meet the Challenges of Our Times and Build a Better Future" at the 17th summit of the Group of 20 (G20) in Bali, Indonesia, Nov. 15, 2022. The G20 summit kicked off here on Tuesday. (Xinhua/Ju Peng)

In his speech titled "Working Together to Meet the Challenges of Our Times and Build a Better Future," Xi said the world is getting through momentous changes unseen in a century, which are consequential to the world, to our times, and to history.

He said that the COVID-19 pandemic still drags on with cases surging here and there; the world economy is getting more fragile; the geopolitical environment remains tense; global governance is seriously inadequate; food and energy crises are compounded with one another. "All this poses formidable challenges to human development," Xi noted.

Calling on all countries to replace division with unity, confrontation with cooperation, and exclusion with inclusiveness, he said all countries should join hands together to answer the question of the times -- "what is wrong with this world, what we should do about it" -- so as to tide over difficulties and create a better future together.

All G20 members, Xi said, should take the responsibility inherent in being major international and regional players, and should lead by example in promoting development of all nations, improving the well-being for the whole mankind, and advancing progress of the entire world.

Xi underscored the need to make global development more inclusive, saying that solidarity is strength, but division leads nowhere.

"Living in the same global village, we should stand with each other in the face of risks and challenges," he said, adding that drawing ideological lines or promoting group politics and bloc confrontation will only divide the world, and hinder global development and human progress.

"With human civilization already in the 21st century, the Cold-War mentality has long been outdated. What we need to do is to join hands together and elevate our win-win cooperation to a new height," he said.

"Countries should respect each other, seek common grounds while reserving differences, live together in peace, and promote an open world economy. No one should engage in beggar-thy-neighbor practices, building 'a small yard with high fences,' or creating closed and exclusive clubs," he added.

The G20 should stay committed to its founding purpose of unity and cooperation, carry forward the spirit of solidarity, and uphold the principle of consensus, Xi said, adding that division and confrontation serve no one's interest, and only solidarity and common development is the right choice to make.

Xi underscored the need to make global development beneficial to all, saying that development is real only when all countries develop together.

Prosperity and stability cannot be possible in a world where the rich become richer while the poor are made poorer, he noted, saying that every nation aspires for a better life, and modernization is not a privilege reserved for any single country.

"Frontrunners in development should sincerely help others develop, and provide more global public goods. All major countries should perform their due responsibilities, and do their best for the cause of global development," he said.

China has proposed the Global Development Initiative (GDI), and established the Global Development and South-South Cooperation Fund, Xi said, adding that China will increase funding for the China-UN Peace and Development Fund, and is working with 100-plus countries and international organizations on the GDI, thus providing new impetus for the implementation of the 2030 Agenda for Sustainable Development.

Xi also proposed making global development more resilient, saying that economic globalization is encountering headwinds, and the world economy is at risk of recession.

Noting that everyone is having a hard time, but developing countries are bearing the brunt, he said it is therefore more imperative than ever for us to focus on the development issue.

"We need to build a global partnership for economic recovery, prioritize development and put the people at the center, always keep in mind the difficulties faced by developing countries, and accommodate their concerns," he said, adding that China supports the African Union in joining the G20.

Xi urged all parties to continue to deepen international cooperation against COVID-19, curb global inflation, and defuse systemic economic and financial risks, adding that developed economies, in particular, should mitigate the negative spillovers from their monetary policy adjustment.

"International financial institutions and commercial creditors, which are the main creditors of developing countries, should take part in the debt reduction and suspension for developing countries," he said, adding that China is implementing the G20's Debt Service Suspension Initiative (DSSI) in all respects, and has suspended the largest amount of debt service payment among all G20 members, thus helping relevant developing countries navigate through the difficult time.

"We should continue to uphold the WTO-centered multilateral trading system, actively push forward WTO reform, enhance trade and investment liberalization and facilitation," he said.

China has proposed the Action on Digital Innovation and Cooperation and looks forward to working with all parties to foster an open, fair, and non-discriminatory environment for digital economy so as to narrow the North-South digital divide, he said.

In tackling climate change and transitioning toward green and low-carbon development, the principle of common but differentiated responsibilities must be upheld, Xi stressed, noting that it is important to provide funding, technology and capacity-building support for developing countries.

There should be zero tolerance for corruption, and international cooperation on fugitive repatriation and asset recovery should be stepped up, he added.

Food and energy security is the most pressing challenge in global development, Xi noted, saying that the root cause of the ongoing crises is not production or demand, but interrupted supply chains and international cooperation.

The way out of this is to enhance cooperation on market supervision and regulation, build partnerships on commodities, develop an open, stable and sustainable commodities market, and work together to unclog supply chains and stabilize market prices, he said.

"We must resolutely oppose the attempt to politicize food and energy issues or use them as tools and weapons," he said, adding that unilateral sanctions must be removed, and restrictions on relevant scientific and technological cooperation must be lifted.

The G20 should provide necessary support for developing countries in production, collection, storage, funding and technology, Xi said.

China has put forward the International Cooperation Initiative on Global Food Security in the G20 and expects to deepen cooperation with all parties in the area, he added.

The Communist Party of China has recently convened its 20th National Congress, laying out the goals, tasks and guiding policies for the cause of the Party and the country in the next five years and beyond, the Chinese president stressed.

China will stay committed to the path of peaceful development, stay committed to deepening reform and opening-up, and stay committed to promoting national rejuvenation on all fronts through a Chinese path to modernization, he added.

A China marching toward modernization will bring more opportunities to the world, inject stronger momentum for international cooperation, and make greater contribution to human progress, he concluded.

Wang Yi and He Lifeng were present at the event.